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See Full Stock Page » Oil jumped to the highest in more than a year, extending this week’s rally to above US$56 a barrel, with investors confident that OPEC+ producers are committed to restraining global supplies. Futures in New York climbed nearly 1 per cent on Thursday, also buoyed by stronger U.S. equities. OPEC+ producers have pledged to keep draining a pandemic-driven oil surplus, while global inventories from China to the U.S. continue to decline. Saudi Arabia is keeping oil pricing unchanged for Asia, while raising prices for all grades for buyers in the U.S. and Europe. “It looks like, at every turn, Saudi seems to want to support the market,” said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures. “If demand really picks up, we could be short oil pretty quickly, because U.S. production isn’t going to come back fast.” Key technical indicators suggest crude is due for a pullback, though. The 14-day Relative Strength Indexes for both Brent and West Texas Intermediate futures are showing the commodity in overbought territory. Meanwhile, a buying binge in the North Sea market seems to have subsided, with no bids or offers Thursday on an S&P Global […]
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